Saudi hospital operator SMC's $500 million IPO sells out quickly due to high demand.

From Yahoo Finance: 2025-05-11 06:16:00

Saudi Arabian hospital operator Specialized Medical Co. saw high demand for its $500 million IPO, with all shares spoken for shortly after the deal opened in Riyadh. SMC will sell a 30% stake, or 75 million shares, at 24 to 25 riyals ($6.40-$6.67) each, valuing the company at just under $1.7 billion. Several Middle Eastern firms, including Flynas Co. and Ejada Systems Ltd., are moving forward with IPO plans despite market volatility. In the UAE, a conglomerate owned by Dubai’s ruler is set to list a real estate investment trust to capitalize on the city’s property boom. Saudi Arabia’s health care sector is a focus of Crown Prince Mohammed bin Salman’s Vision 2030 plan, prompting local hospital operators like SMC to go public to capitalize on expected growth. SMC operates two hospitals in Riyadh, with plans to build three more in the city’s northern region, reporting revenues of 1.4 billion riyals and a net profit of 185 million riyals in 2024.



Read more at Yahoo Finance: Saudi Hospital Operator’s $500 Million IPO Sells Out in Hours